Cash Rate Target

Every Issue

Cite as: (2009) 83(02) LIJ, p. 68

From 6 December 2007 law practices whose matters are governed by the Legal
Profession Act 2004 cannot use the penalty interest rate for their accounts.
The maximum rate is the cash rate target plus 2 per cent. The cash rate target
is currently 4.25 per cent (from 3 December 2008). To monitor any changes
between editions of the LIJ, practitioners should check
http://www.rba.gov.au/statistics/cashrate_target.html.